Add to ORKGConfederate Treasury notes were convertible into government bonds at par. This provided an imbedded option value for the currency. Confederate interest-rate policy encouraged, and ultimately coerced, holders of Treasury notes to exchange these notes for bonds by imposing deadlines on their convertibility. In this paper we identify a long-run equilibrium relationship between the gold value of the bonds and the gold value of Confederate currency. We also show that the three funding acts aimed at precipitating the conversion of currency into bonds were effective in temporarily dampening inflationary pressures.Confederacy; bonds; interest-rate pegging
As interest rates rise, bond prices fall. Given historically low interest rates, many investors are ...
We discuss the effectiveness of pegged exchange rate regimes from an historical perspective, drawing...
This paper investigates the effectiveness of the monetary authority's borrowing policies in resolvin...
Confederate monetary reforms encouraged holders of Treasury notes to exchange these notes for bonds ...
On April 1, 1864 the Confederate Currency Reform Act reduced the money supply in the Eastern Confede...
vThe Confederacy relied heavily on inflationary finance. Of the states of the Confederacy, only Texa...
Instances of interest-bearing currency are relatively rare. The Southern Confederacy issued both int...
This paper presents a new view on the gold price of greenbacks during and after the American Civil W...
This paper presents a new view on the gold price of greenbacks during and after the American Civil W...
The world’s first known inflation-indexed bonds were issued by the Commonwealth of Massachusetts in 1...
The world’s first known inflation-indexed bonds were issued by the Commonwealth of Massachusetts in 1...
This paper begins by developing a framework for price and interest rate determination under suspensi...
In the midst of the US Civil War, in 1863, the Northern states of the federal Union established the ...
Enormously diverse real and nominal ex post returns on equity and short and long term debt securitie...
Prior to the 1930’s rapid inflations often occurred in conjunction with wartime finance, and were co...
As interest rates rise, bond prices fall. Given historically low interest rates, many investors are ...
We discuss the effectiveness of pegged exchange rate regimes from an historical perspective, drawing...
This paper investigates the effectiveness of the monetary authority's borrowing policies in resolvin...
Confederate monetary reforms encouraged holders of Treasury notes to exchange these notes for bonds ...
On April 1, 1864 the Confederate Currency Reform Act reduced the money supply in the Eastern Confede...
vThe Confederacy relied heavily on inflationary finance. Of the states of the Confederacy, only Texa...
Instances of interest-bearing currency are relatively rare. The Southern Confederacy issued both int...
This paper presents a new view on the gold price of greenbacks during and after the American Civil W...
This paper presents a new view on the gold price of greenbacks during and after the American Civil W...
The world’s first known inflation-indexed bonds were issued by the Commonwealth of Massachusetts in 1...
The world’s first known inflation-indexed bonds were issued by the Commonwealth of Massachusetts in 1...
This paper begins by developing a framework for price and interest rate determination under suspensi...
In the midst of the US Civil War, in 1863, the Northern states of the federal Union established the ...
Enormously diverse real and nominal ex post returns on equity and short and long term debt securitie...
Prior to the 1930’s rapid inflations often occurred in conjunction with wartime finance, and were co...
As interest rates rise, bond prices fall. Given historically low interest rates, many investors are ...
We discuss the effectiveness of pegged exchange rate regimes from an historical perspective, drawing...
This paper investigates the effectiveness of the monetary authority's borrowing policies in resolvin...